One of the UK's most active private equity firms has invested in Covestus, a consumer healthcare firm.

The Cheltenham-based business has received funding from Maven Capital Partners and the British Business Bank's South West Investment Fund.

Covestus is led by Dan Thomas, former chief corporate development officer at Alliance Pharma Plc, where he successfully carried out more than 24 mergers and acquisitions (M&A) transactions. During his time with the group, revenue grew more than tenfold from around £16 million to around £170 million.

Covestus completed its first acquisition in 2018 and its portfolio includes the brand Sweat Guard, which offers a range of products to support sufferers of hyperhidrosis (excessive sweating).

The growth funding includes investment from the South West Investment Fund, via appointed fund manager Maven. The £200m South West Investment Fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.

The funding will support Covestus' ambitious buy and build strategy and has enabled it to acquire Probio7, a probiotic food supplement brand with over 30 years as one of the UK's most trusted probiotic brands for gut health. Covestus will apply its value creation strategies and insight to Probio7 to increase customer acquisition, build brand awareness and further develop commercial partnerships.

The company aims to build scale by creating a diversified group of high performing consumer health assets, with a particular focus on niche, high growth businesses which are often out of scope to the main mid-market consolidators.

Jonathan Oliver, investment director at Maven, said: "Dan Thomas is an exceptionally experienced M&A professional, who has spent much of the last 20 years executing deals across the pharma and consumer health space. His early successes with Covestus continue a long track record of identifying attractive acquisitions and implementing successful and sustained value creation strategies.

"Covestus' focus on smaller health and wellness brands, where value can be added through active portfolio management, sets it apart from many of its larger peers and Maven believes the new capital will help to accelerate growth initiatives and support Covestus in building a high-quality portfolio of growing consumer health and pharma assets."

Dan Thomas, CEO at Covestus, said: "The Covestus team and I look forward to working with the Maven team over the coming years, building and executing a clear strategy of targeted acquisitions to build scale for the group and a leading organisation in the South West.

"In partnership with Maven, we aim to deliver excellence and innovation in healthcare through brands that enhance health and wellbeing, shaped by digital commerce and best-in-class digital technology driven solutions, making a tangible impact on lives around the world."

Jody Tableporter, director, British Business Bank, said: "The South West Investment Fund is designed to support growing businesses just like Covestus, which have strong expansion plans but need finance to realise their strategic goals. We're delighted the British Business Bank can help Covestus scale up and continue to deliver innovative healthcare excellence for consumers."